Major revenue collections in New Jersey are up so far in 2015 compared to the previous year.
New Jersey Treasurer Andrew Sidamon-Eristoff announced on April 17 that 2015 revenues through March totaled $18.43 billion, an increase of 5.3% from the 2014 fiscal year. Sidamon-Eristoff said revenues are projected to match the growth rate for the current fiscal year laid out by Gov. Chris Christie in his February budget address.
"Total revenue for fiscal 2015 has largely met expectations and is now projected at $32.6 billion, a net reduction of $59 million that is more than offset by $343 million in lapses," Sidamon-Eristoff said during remarks to the State Assembly Budget Committee last month. "We are recognizing $288 million in supplemental needs with the result that we remain on target to achieve a $388 million ending fund balance, the amount budgeted as of the fiscal 2015 Appropriations Act."
Sidamon-Eristoff said revenues in March outpaced the same month a year ago by 8.8% and totaled $2.08 billion. He attributed the strong March numbers to collection increases in the gross income tax, the insurance premium tax as well as the tax on corporate banks and financial institutions.
New Jersey's credit rating was cut one notch to A2 by Moody's Investors Service with a negative outlook on April 16 due largely to struggles to fund the state pension system. Gov. Chris Christie vetoed $1.6 billion in pension payments from the 2015 budget last June prompting a lawsuit from public unions that is headed to the New Jersey Supreme Court on May 6.
